pensions tax relief
Chancellor contemplates cuts to higher rate pensions tax relief
Speculation is growing that chancellor Sajid Javid is seeking to raise revenue by cutting the tax relief on pension contributions for high earners from 40% to 20%.
Pensions tax relief to 'cost' government £40bn this year
The government will pay out £21bn in income tax relief for pension contributions this tax year, while national insurance relief payments will rise to £18.7bn, according to statistics from HM Revenue and Customs (HMRC).
Fix pensions tax before pushing patient capital investments
With savers facing 100% of the potential downside of patient capital investment, as well as tax implications from the upside, Peter Glancy argues it is not the most enticing proposition.
Is the current pensions tax relief system fit for purpose?
The government must conduct a fundamental review of tax reliefs and allowances to reduce complexity and confusion, says Malcolm McLean
Demolishing the tax structure
Any changes to pensions taxation must be deliberate, planned and controlled, with a clear end objective in mind, says Richard Butcher
Boris Johnson will create pension tax relief 'losers' with mooted income tax reforms
Boris Johnson's mooted income tax reforms would create a double-edged sword whereby income tax winners would become pension tax relief losers, according to research by Aegon.
Boris Johnson vows to fix NHS pension tax issue if he wins leadership race
Conservative leadership contender Boris Johnson has promised to fix the pension tax relief rules that are causing senior doctors and highly-paid staff in the NHS to work fewer hours leading to longer waiting lists.
Employee tax relief receipts rise to £4.3bn; Freedom withdrawals pass £25bn
Members of occupational pension schemes claimed £4.3bn in pensions tax relief in 2017/18, as total relief climbed £1.1bn.
Bigger is not better when it comes to pension consulting, says industry
Bigger is not always better when it comes to pension consulting, last week's Pensions Buzz respondents said following Marsh & McLennan's $5.6bn acquisition of JLT.
GMP equalisation could land DB members with six figure tax bill
More than 100,000 savers face being landed with huge tax bills following tiny uplifts to their pension, a Freedom of Information (FOI) reply has revealed.
Scottish Budget income tax decision widens pension tax relief gap
Scottish higher-rate taxpayers will benefit from more pensions tax relief than workers on the same salary anywhere else in the UK as income tax bands continue to diverge.
Net pay issue to widen as AE lower earnings limit rise confirmed
Low earners in net-pay schemes will lose out on more pensions tax relief as the gap between auto-enrolment (AE) qualifying earnings and the personal tax allowance widens.
Chancellor ignores net-pay pensions tax relief anomaly; Branded 'missed opportunity'
Philip Hammond has failed to address the net-pay anomaly affecting lower-paid earners who are missing out on tax-relief on their pension contributions in today's Autumn Budget.
Five stories you may have missed this week
This week's top stories include Smart Pension and Legal & General revealing a prototype demo of their workplace retirement income product, combining drawdown and annuities.
HMRC 'looking at opportunities' to address net-pay tax anomaly
The government is set to review an anomaly which sees lower-paid workers in the majority of master trusts lose out on tax relief, it has confirmed.
Industry is right to fear NHS raid on pensions tax relief in Budget
The government needs cash to fund the NHS. Jonathan Stapleton says pensions tax relief may prove to be an irresistible target.
Pensions tax relief faces cut as government seeks funding for NHS
Chancellor Philip Hammond is set to announce cuts to pensions tax relief in his Budget later this month in order to raise revenue to pay for NHS funding commitments, according to reports.
Govt urged to take action on net pay anomaly as experts sign letter to chancellor
Industry heavyweights have urged chancellor Philip Hammond to take action on the net pay pensions tax relief anomaly which affects lower-paid earners.
Trustees should be proactive on DB transfers, says industry
Around three-fifths of respondents in this week's Pensions Buzz backed the view that trustees should take a proactive approach to engage with members when they are seeking to transfer out of their defined benefit (DB) scheme.
Treasury confirms Budget date; Radical tax relief reform 'more likely'
Chancellor of the Exchequer Philip Hammond has confirmed he will deliver the government's annual budget on 29 October.
Lib Dems seek £40k cap on tax-free pension lump sums; plan to scrap NI on contributions
The Liberal Democrat party has passed a motion pledging to cap tax-free lump sums under Freedom of Choice at £40,000 if elected into government.
Treasury committee calls for 'fundamental reform' of pensions tax relief
Tax relief on pension contributions is not an effective way of incentivising saving and the government may wish to consider fundamental reform, the Treasury Committee says.
Government set to 'examine' pensions tax relief system
The government is set to take a close look at the current pension tax relief system, Baroness Buscombe revealed in a speech to the House of Lords last night.
Five stories you may have missed this week
This week's top stories include Tesco cutting its defined benefit deficit by £2.8bn after it changed the way it reflected long-dated corporate bond yields in its discount rate.
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